Low APR credit cards feature the lowest interest rates on the market. Designed for customers with excellent credit, these cards are great for debt consolidation.
When choosing a low APR credit card there are several other factors to consider, like: balance transfer fees, credit ratings necessary to apply for a card, introductory rates, rewards incentives, and easy online account access.
Here are four credit cards that ranked highest overall in these factors:
Simmons First Visa Platinum
Excellent Required – applicants that do not have excellent credit will not be approved. Low 7.25% variable standard purchase APR and platinum benefits. No balance transfer for balances transferred in response to this online offer. No Annual Fee.
“Excellent credit required” I like that feature. A responsible credit user necessary to obtain the card. Platinum status I would assume means the travel insurance, car rental loss/damage waiver, and Emergency Cash & Credit card replacement services. With a $0 annual fee, no balance transfer fee during response to online offer, and low APR this is a good choice card. [Click to find our more about Simmons First Visa Platinum].
Simmons First Visa Platinum Rewards
Excellent credit required – applicants that do not have excellent credit will not be approved. Low 9.25% variable standard purchase APR and platinum benefits. Choose any U.S. based airline or ticket class. No blackout dates or seating restrictions. Other travel related options are hotels, cruises, vacation packages, car rental, and restaurants.
Again, excellent credit required. Nice. The APR is higher. Hmmm… Does this help the bank offset the Travel Rewards program? Cardholders who enroll in the program receive one point per net dollar spend. And the Platinum services describe in the previous card apply here, too.
If you’re consistant about paying off your card in full every month, this may be a rather good choice. But, from my knowledge, I believe you do not receive the ‘no balance transfer fee’ like the first choice. [Click to find our more about Simmons First Visa Platinum Rewards].
Orchard Bank Classic MasterCard
Acceptance at millions of locations worldwide, including website purchases and reservations. Your account information is updated and at your fingertips 24/7 so you can manage it your way. Email and text messages to remind you of your upcoming payment due date with online enrollment. On-call customer service representatives to assist you with questions or concerns. Various credit scores accepted for consideration.
On-call customer services reps, yes! I love a live person. Plus, the Orchard Bank MasterCard is offered by HSBC Bank. Reputable. But the Annual Fee… not so sure about that. Especially if I can’t rack up rewards. [Click to find our more about Orchard Bank Classic Mastercard].
Orchard Bank Visa Card
Acceptance at millions of locations including website purchases and reservations. Your account information is updated and at your fingertips 24/7 so you can manage it your way. Email and text messages to remind you of your upcoming payment due date with online enrollment. On-call customer service representatives to assist you with questions or concerns.
Live Customer service. Check. Low APR. Check. Annual Fee. Sigh. Again, no rewards. But with HSBC bank backing up the card, it is a psychological secure feeling. [Click to find our more about Orchard Bank Visa Card].
Conclusion: Credit Cards should only be used by financially savvy consumers. If you retain an excellent credit score and pay your credit card bills in full each month, then please consider these cards. If you need credit cards to buy things you cannot afford or use them to pay your bills, then please consider cutting them up and starting a journey to get out of debt.
I’d like to add that an excellent credit score is probably hovering around 760 or more. I’m currently in the low 700’s and my credit is considered good, I’ll have to wait to apply for low interest rate cards. Luckily I’m not in any hurry!
Yeah! Congrats on a score well done. 🙂 I haven’t checked mine lately. I think it hovers in the same area. But see, if you pay your balance off in full every month, than no need to worry about the APR as much. 😉 But there seem to be a lot more perks for people who have cood credit. The CC companies just have to offer them because people with good credit don’t get sucked up in their revolving game.
Hi Christine, I really wanted to post on your video update post, but comments were switched off. So I am posting here instead. It was so nice to see you speaking. You know how some online personas are different to what you expect, once you see a live video? Well you were exactly how I imagined, which is great 🙂 I imagined you just as you were, and you did such a great job. You came across really down-to-earth and sincere.
I just got so disappointed with a blogger that I was following, and then I saw her make a video and it just sort of showed her true colours (sounds mean doesn’t it).
Keep up the good work Christine, you’re doing such a great job 🙂
Oh ya, I switched them off because of the contest. Ya? That is cool. I am glad that I could still be me. But I totally understand what you mean about people being different on their videos. Like its not what you expected at all. But I am thankful to hear your great words about it! Figure the videos can only get better here on out. I almost want to make funny faces, on purpose, just to be silly. Cuz recording a video is like looking at yourself in the mirror.
How is the business coming along? I’ve been so busy that my blog reading is down. Need to catch up this weekend. 🙂
Slowly, slowly. I have not made any sales yet. I put my messenger bags up on Etsy, but haven’t really bothered marketing the product yet. There’s a lot of work to do on the marketing side and I think my brain and body, don’t quite want to go there yet;) But I know it has to be done, you’re miles ahead of me, when it comes to all of that. I feel really lost on the online marketing side of things. I’m always like “does it really have to be this time consuming?” he he!
I love my American Express Blue Cash card. I pay it off every month, so the interest rate doesn’t matter as much to me. But I get back around 1200 dollars each year and I pay 0 in fees.
As a side note, a lot of credit cards will waive the annual fee if you call them and complain. I imagine you probably need to be a customer for awhile first before they will waive the fee though, but it doesn’t hurt to try.
I had no idea there was a credit card with a 7.25 percent interest rate. I recognize it is variable, but still, I was surprised there was one that low. Good info!
Sweet on the cash back! Its nice to hear about a responsible credit card user.
As for getting the annual fee waived… reminds me of when I used to use AOL for internet service. If you called them to cancel, you always got a month free. LOL. But I think you are right about needing to be a customer for a bit of time. Luckily I have no Credit cards with annual fees to worry about that. I paid that one off and closed the account (dis on BofA). 😉
That is a really good APR. I think if you want a simple card for everyday use, that one is a good call. Its even lower, I think, than what my credit union offers. And that is pretty darn good.
Well explained Christine, I have no intentions of signing up for a new card but if I did it wold be for a low APR one.
Want to hear a sad but true story? I signed up for the Capital One card because of the pretty tropical beach picture that adorned the card. That picture costs me tons of money to climb out of! Don’t sign up for a card because of the pretty picture! 😉
I was just saying cuz I really like the pic on the Orchard card, but dislike the annual fee associated with it.
Haha! That reminds me of when my younger brother got his first debit card, he got the option to get a card that supports a non-profit in some way. He signed up for Turkey Hunters or something completely random just because he liked the card and thought it would be a good conversation starter.